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Q&A Forum

I'm a Financial Advisor that wants to add Tax Preparation to my practice

Kevin Michels
Title: Financial Planner
Company: Medicus Wealth Planning
(Financial Planner at Medicus Wealth Planning)
I'm a fee-only financial advisor and a big part of what we do, in addition to investment management, is financial planning. We get deep into tax planning as well, at least compared to ...
45 Views | 0 Answers/Comments

Membership Units (LLC Partnership) provided as Compensation - Taxable?

I always find it interesting the differing opinions you get when you have a bundle of Financial Professionals together with varying backgrounds and thought this scenario that came up du...
60 Views | 0 Answers/Comments

How can I best help a client that has 10 years of tax filings to catch up on?

Andrew K
Title: Director of Tax and Accounting
Company: Silver Leaf
(Director of Tax and Accounting at Silver Leaf)
I had someone approach my firm and ask to help them file past tax returns. This client has not filed since 2008, and it appears he may owe taxes between 2008-2012 (he withdrew early fro...
1060 Views | 1 Answers/Comments

Submission of US Tax Form (W9 or W8)

(Tax Exexutive)
We are in Hotel business located in India and a tax resident in India. Any service rendered to guests would be performed in India. One of the US company has agreed to hold conference...
586 Views | 1 Answers/Comments

Vehicle Truck/SUV deduction question

Hello, I am an artist and own a small business where I am the only employee. I'm looking to purchase a truck or SUV to be used 100% for business. I will use it to deliver paintings, tr...
759 Views | 1 Answers/Comments

280e and large (or any size) retailers selling CBD

Philip Eldred
Title: CEO
Company: Fairpoint Exchange
(CEO at Fairpoint Exchange)
The law is clear that CBD (a cannabis derivative) is only federally legal to sell as an ingredient in an FDA approved medication, such as Epidiolex, which is currently the only approved...
821 Views | 1 Answers/Comments

How to fix incorrect IRA classification

We opened a Vanguard IRA in 2001 and it was supposed to be a Roth. We made contributions in 2001, 2002 and 2003 and all years were under the allowable $3000 limit. Now we want to take o...
102 Views | 0 Answers/Comments

Do foreign owned companies owe U.S. federal income tax on income from holdings of U.S. Treasury bonds?

(Chief Risk Officer)
Do foreign (non-US) owned companies owe U.S. federal income tax on income from holdings of U.S. Treasury bonds? For context, the foreign company has no U.S. citizen or resident owner...
711 Views | 2 Answers/Comments

Capital Gains from Small Business Stock Sale

Charlie Emit
Title: Student
Company: College
(Student at College)
Say I invested in a small business in January 2010 (qualifies for 1012 treatment, 75% exclusion) and decided to sell the stock today. I also sold some small business stock at a loss thi...
475 Views | 0 Answers/Comments

Do I have to report earnings of an Israeli subcontractor to Israeli taxing authority or anyone else?

I have a contract to deliver educational services in Turkey. I will provide services, in country, with US citizens and an Israeli individual. In the US, all of the services are recorded...
68 Views | 0 Answers/Comments

Took on too much tax work- what do I do?

I own a niche tax practice and took on too much work this year. I've been working 90 hours/week and still don't think I'm going to be able to finish by the deadline. I'm still new (2nd ...
1811 Views | 1 Answers/Comments

Foreign tax credit question

cam johnson
Title: owner
Company: prop
(owner at prop)
The foreign tax credit cannot be more than your total U.S. tax multiplied by the fraction of taxable income from foreign sources. Since I have some U.S. income, it's not possible for th...
1186 Views | 2 Answers/Comments

LLC taxes: Loans Payable

musu pura
Title: llc manager
Company: hidea
(llc manager at hidea)
I and my wife owns LLC. Personally we(Me and my wife) loaned(Ex: $100) LLC 13 years ago. In 2018, LLC made a profit of $166. Since LLC never made profit last 13 years, there was no mone...
1751 Views | 0 Answers/Comments

Theft loss related to uncertain exact value of valuable comic books - can I itemize loss?

As a teenager I collected comic books. I have a dozen large boxes of comics. I never tracked exactly what I had, but 20 years ago I sorted the most valuable into a single box. I stored ...
1146 Views | 0 Answers/Comments

I have only filed once since 1992

Is Anonymous
Title: none
Company: none
(none at none)
I am a foreigner and moved to the US in 1990. In 1992 I lost money in the stock market and the IRS wrote me that I have to file taxes. So I did. And never again. The reason why I have n...
1047 Views | 0 Answers/Comments

How do I file a 1099-MISC late in New York?

Billy Bob
Title: CEO
Company: BillyBobBob's LLC
(CEO at BillyBobBob's LLC)
Hi! I started business late last 2018 and I missed the Jan 31st 1099-misc deadline. I have 2 contractors (1 an S-Corp and 1 a Sole-proprietor) that I need to report payments on. How ...
2364 Views | 0 Answers/Comments

Rules regarding issuing a 1099 to a contractor in India, Phillipines, or Canada

Robyn Pinto
Title: Controller
Company: Sylvan
(Controller at Sylvan)
We are in the process of onboarding subcontractors that are located in India, Philippines, and Canada. All work will be completed in their resident country and we will transfer the mone...
2420 Views | 0 Answers/Comments

Relation between subsidiary and parent company regarding to taxes for the purposes of USA taxes reporting and withholding

ana bana
Title: compliance manager
Company: LLC
(compliance manager at LLC)
When filling out of W-8BEN-E there should be the beneficial owner and disregarded entity (if applicable) identified. Parent company is investing in real estates and is holding 94 %(voti...
2691 Views | 0 Answers/Comments

1099s for SAAS?

(Strategic program manager)
the 1099 instructions do not specifically address software. however, we purchase software from a vendor who is an LLC. should we send a 1099-misc for this?
3952 Views | 0 Answers/Comments

Confused with bonus depreciation, and recapture amount if sold the following year

David Matyas
Title: Manager
Company: SpecOp
(Manager at SpecOp)
I am a bit confused in regards to recapturing when using the bonus depreciation: If someone purchases a $60k SUV (greater than 6K pounds) and use it 100% for work. Then in 2018, they ca...
3401 Views | 0 Answers/Comments

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